In 2013, the peak value of this indicator was 5.6

In 2017, the peak value of this indicator was 6.8

In 2021, the peak value of this indicator was 6.2

Currently, this indicator is 4.8

The black line in the chart represents BTC price, while the red bars represent: (On-chain BTC realized profit 365-day MA - On-chain BTC realized loss 365-day MA) / On-chain BTC realized loss 365-day MA